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MOST NOTEWORTHY: Hershey Foods, Genentech and Garmin were today's noteworthy downgrades:
- Bernstein downgraded Hershey Foods (NYSE: HSY) to Market Perform from Outperform, citing commodity cost pressures & slowing volume growth.
- Thomas Weisel downgraded Genentech (NYSE: DNA) to Market Weight from Overweight after the company reported Q1 results, due to Avastin growth concerns and a lack of meaningful drivers of long-term revenue growth until 2009.
- Oppenheimer cut Garmin (NASDAQ: GRMN) to Perform from Outperform on concerns regarding PND pricing and the company's profitability dynamics.
OTHER DOWNGRADES:
- Blackrock (NYSE: BLK) was downgraded at Goldman to Neutral from Buy and to Market Perform from Outperform at Wachovia.
- Baird downgraded Millennium Pharma (NASDAQ: MLNM) to Neutral from Outperform.
- JP Morgan lowered Total SA (NYSE: TOT) to Neutral from Overweight.
Collectible Investments: 100-year old $20 gold piece up 65% in past five years
Best Buy (BBY) may end up getting a lump of coal in its stocking
Closing Bell: Dow closes below 8,000; C, ETFC, FNM, GM, LVLT, YHOO all got hammered
